I finally got a new battery and after changing it it noticed that the o/d light on the dash was flashing. I depressed the button on the gear shift lever and it stayed on but when pressed again it started flashing. Is this possibly a relay or sensor or something that's more involved?

 

O/D light flashing indicates transmission fault. Read the codes with a decent scanner...I believe you can also get the light to pulse out the [Toyota-specific, two-digit] codes by shorting Tc and E1 on the underhood diagnostic connector.

 

There doesn't seem to be any "Check Engine" lights on the dash just a flashing o/d light. Should I still connect the OBD sensor?

 

Yes, but depending on the scanner it may not read the transmission codes.

 

Ok I get it. Guess I'll check and see if my friends shop has a scanner that'll read transmission codes. Was thinking it might be a short in the button on the lever. When I press it the "o/d" light stays on. When pressed again it flashes. I only moved the car about 2 feet.

 

Also would this car use an OBD II meter?

 

It does but seeing it was the first year of OBD-II I suspect more readers won't pull the transmission codes. If not use the jumper method. Take a look at this thread on how to read the codes, it says to jumper T and E on your car it should be Tc and E1.

http://www.toyotagtturbo.com/forums/...on-fault-codes